Information related to plant assets, extractable natural resources, and intangibles at the end of 2020 for Whispering Energy is as follows: buildings £1,020,000, accumulated depreciation-buildings £650,000, goodwill £410,000, coal mine £499,000, and accumulated depletion-coal mine £108,000. Prepare a partial statement of financial position of Whispering Energy for these items. (List Property, plant and equipment in order of coal mine and buildings.)
Q: The following data relate to the acquisition of an equipment owned by BUSS Corporation. Acquisition…
A: Depreciation under Straight line method cost - residual value / usefeel life of Asset $125000 -…
Q: HeeHaw Ltd is currently conducting research and development activities for a new product. During the…
A: Costs incurred during a process can either be expensed in the profit and loss account or capitalized…
Q: At December 31, 2020, Cord Company's plant asset and accumulated depreciation and amortization…
A: 1. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2021.
Q: An equipment was acquired on December 31, 2016 for P5,000,000 and is expected to have a 10-year…
A: Original Cost as on 31 Dec 2016 : P 5,000,000 Useful life : 10 years
Q: The following information is provided from the financial statements of Circus Ltd: 2019 €000 2018…
A: Cash flows from Investing activities is an important section of cash flow statement which shows cash…
Q: Presented below is information related to equipment owned by Sanabel Co. at December 31, 2018 Cost…
A: Loss on impairment = carrying value - Recoverable amount Where, Recoverable amount = Lower of fair…
Q: The following information is provided from the financial statements of Circus Ltd: 2019 €000 2018…
A: Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by…
Q: At December 31, 2020, Flint Company reported the following as plant assets. Land $ 3,770,000…
A:
Q: At December 31, 2020, Grand Company reported the following as plant assets. Land $ 4,000,000…
A: The balance sheet of a company includes items owned, liabilities due, and remaining equity of an…
Q: Information related to plant assets, natural resources, and intangibles at the end of 2020 for…
A: Balance sheet comprises of Assets, liabilities and Stockholders' equity. Balance sheet as the name…
Q: The plant assets section of the comparative balance sheets of Anders Company is reported below.…
A: Cash received from the sale of Building = Book value of Building + Gain on sale Depreciation expense…
Q: On December 31, 2019, the statement of financial position of Twitter Corporation showed the…
A: Revaluation on equipment = fair value of equipment - carrying value of equipment = P900,000 -…
Q: ABC Ltd has the following land and buildings in its financial statements as at 30 June 2022:…
A: You enter transaction details into your company's books to create a journal entry. In the second…
Q: The information that follows relates to equipment owned by Pearl Limited at December 31, 2017:…
A: Calculate the loss as a result of impairment of the equipment and the depreciation expense based on…
Q: The carrying value of equipment was R400 000 on 01 March 2019, the start of the financial year, and…
A: Depreciation is the allocation of cost of asset over the useful life of asset.
Q: cumulated depreciation - Buildings
A: Journal entries are formatted in a consistent manner. A correctly prepared journal entry will have…
Q: At December 31, 2020, Flint Company reported the following as plant assets. Land $ 3,770,000…
A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…
Q: The following data relate to the acquisition of an equipment owned by GRACE Corporation.…
A: Solution:- Calculation of the the depreciation expense for the year 2023 using sum of the years…
Q: Hello, Can I get a detailed explanation on how to determine the adjusting entries for depreciation…
A: The following calculations are done for Grand Company.
Q: The draft balance sheet of Tere Corporation as of December 31, 2019 reported the net property, plant…
A: The valuations will be shown as follows
Q: The carrying value of equipment was R400 000 on 01 March 2019, the start of the financial year, and…
A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…
Q: The following information relates to the assets of Westfield Semiconductors as of December 31, 2019.…
A: Classified balance sheet: The main elements of balance sheet assets, liabilities, and stockholders’…
Q: Presented below is information related to equipment owned by Davis Company at December 31, 2020.…
A: Impairment of asset is done when carrying value of asset is higher than it's recoverable value. This…
Q: At December 31, 2020, the following existed in the in the records of Mayor Company: Fixed assets…
A: At 31.12.2020, Mayor company's Fixed assets = P8600000 Accumulated depreciation = P3970000 During…
Q: ion reserve of 8640000 euros. At December 31, 2020, the property, plant and equipment was appraised…
A: The property Plant and equipment will be reported on the December 31,2020 statements of financial…
Q: On December 31, 2019, the statement of financial position of Twitter Corporation showed the…
A: SOLUTION- PROPERTY ,PLANT & EQUIPMENT ARE THE COMPANY'S PHYSICAL AND TANGIBLE LONG TERM ASSETS…
Q: At December 31, 2022, Ayayai Corporation reported the following plant assets. Land $…
A: Record journal entries for the transactions as shown below:
Q: At December 31, 2020, Grand Company reported the following as plant assets. Land $ 4,000,000…
A: (a) Date Account Title and Explanation Debit Credit April 1 Land $2,130,000 To Cash…
Q: An equipment costing P375,000 with an eight-year estimated useful life and an estimated residual…
A: Life of equipment = 8 Years Sum of years digits = 8+7+6+5+4+3+2+1 = 36 Cost = P375,000 Salvage value…
Q: Presented below is information related to plant assets, natural resources, and intangibles at year…
A: Total Property, Plant & Equipment = Buildings - Accumulated Depreciation , Building + Coal Mine…
Q: Information related to plant assets, natural resources, and intangible assets at the end of 2022 for…
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: Information related to plant assets, natural resources, and intangibles at the end of 2019 for Dent…
A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…
Q: ABC Ltd has the following land and buildings in its financial statements as at 30 June 2022:…
A: under cost model,downward revaluation is allowed under revaluation model, upward and downward both…
Q: Cheyenne Corp., organized in 2020, has the following transactions related to intangible assets.…
A: INTANGIBLE ASSETS : these are the assets which have substantial book value but cann't be seen or…
Q: What amount was reported on the statement of cash flows as “cash flow from sale of equipment”
A: Here, Book value of disposals of Equipment = $20700 Accumulated Depreciation on disposed equipment…
Q: The following data relate to the acquisition of an equipment owned by ACE Corporation. Acquisition…
A: Because an asset is likely to experience wear and tear over time, depreciation must be provided.…
Q: The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Luo Company at…
A: Formula to calculate cash flow from sale of equipment:
Q: At December 31, 2020, Flint Company reported the following as plant assets. Land $ 3,770,000…
A: The fixed assets are the assets which are used by the business for long run of period.
Q: The following information is provided from the financial statements of Circus Ltd: 2019 €000 2018…
A: Cash from Investing activities is an important section of cash flow statement. It shows cash inflows…
Q: On December 31, 2020, the statement of financial position of ABC Company showed the following…
A: Deprecition is diminition in the value of an asset on account…
Q: What amount should be reported as impairment loss on December 31, 2019? What is the carrying amount…
A: Given information is: On December 31, 2019, an entity has a machinery with the following cost and…
Q: At 30 June 2020, White Ltd reported the following cash-generating unit, with the carrying amount…
A: Goodwill- Goodwill is an intangible asset produced from a company's value above and beyond its net…
Q: Presented below is information related to equipment owned by Blossom Company at December 31, 2017.…
A: Fair value $2,688,000 Life / 4 Depreciation Expenses $672,000
Q: Presented below is information related to equipment owned by Monty Company at December 31, 2017.…
A: Impairment of Assets:Impairment of an asset refers to sudden decrease of the present value of…
Q: At December 31, 2020, Tamarisk, Inc. reported the following as plant assets. Land $…
A: Journal: Recording of a business transactions in a chronological order.
Q: At December 31, 2022, Concord Corporation reported the following plant assets. Land $ 3,640,000…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: At December 31, 2020, Tamarisk, Inc. reported the following as plant assets. Land $ 3,670,000…
A: Journal: Recording of a business transactions in a chronological order.
Q: n - Equipment (300,000) Goodwill 30,000 All items of property, plant and equipment are measured…
A: Impairment loss refers to the sum value of money which carrying value or the cash developing unit…
Q: s 23,265,675 3,474,325 Equipment 78,040,000 Less: Accumulated depreciation—equipment…
A: The transaction is given as,
Q: During 2020, ABC Company acquired a mineral mine for P1,500,000 of which P200,000 was ascribed to…
A: Formula: Total Depletion amount = Depletion per unit x Total extracted units.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Information related to plant assets, natural resources, and intangibles at the end of 2020 for Metlock, Inc. is as follows: buildings $1,190,000, accumulated depreciation—buildings $650,000, goodwill $450,000, coal mine $500,000, and accumulated depletion—coal mine $110,000.Prepare a partial balance sheet of Metlock, Inc. for these items. (List Property, Plant and Equipment in order of Coal Mine and Buildings.)Information related to plant assets, natural resources, and intangible assets at the end of 2022 for Windsor, Inc. is as follows: buildings $1,060,000, accumulated depreciation-buildings $648,000, goodwill $409,000, coal mine $501,000, and accumulated depletion-coal mine $103,000. Prepare a partial balance sheet of Windsor, Inc. for these items. (List Property, Plant and Equipment in order of Coal Mine and Buildings.) Windsor, Inc. Balance Sheet (partial) $ $ $At December 31, 2020, Tamarisk, Inc. reported the following as plant assets. Land $ 3,670,000 Buildings $27,580,000 Less: Accumulated depreciation—buildings 12,950,000 14,630,000 Equipment 48,100,000 Less: Accumulated depreciation—equipment 4,630,000 43,470,000 Total plant assets $61,770,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,040,000. May 1 Sold equipment that cost $1,140,000 when purchased on January 1, 2017. The equipment was sold for $684,000. June 1 Sold land purchased on June 1, 2011 for $1,600,000. The land cost $392,000. July 1 Purchased equipment for $2,300,000. Dec. 31 Retired equipment that cost $514,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. Correct answer iconYour answer is correct. Journalize the above transactions. The company uses straight-line depreciation for…
- The draft balance sheet of Tere Corporation as of December 31, 2019 reported the net property, plant and equipment at P110,000,000. Details of the amount follow: Land at cost P10,000,000Building at cost P50,000,000Less accumulateddepreciation at 12/31/18 (20,000,000) 30,000,000Plant at cost 94,500,000Less accumulateddepreciation at 12/31/18 (24,500,000) 70,000,000 110,000,000The following matters are relevant:• On 30 June 2019, Tere terminated the production of one of its product lines. From this date, the plant used to manufacture the product has been actively marketed at an advertised price of P4.2 million which is considered realistic. Assume that this plant qualified as held for sale in accordance withPFRS 5. It is…The following information relates to Absolute Company for the year 2020: Determine the accounts and amounts taken to profit or loss relating to the investment property. Land Held as Investment Property (at cost) 5,000,000 Fair value at January 1, 2020 6,000,000 Fair value at December 31, 2020 6,800,000 Estimated disposal cost 300,000 Building Held as Investment Property Construction was completed at January 1, 2020 at a total cost of 20,000,000 Estimated useful life with no residual value 40 years Fair value at January 1, 2020 19,000,000 Fair value at December 31, 2020 20,000,000 Estimated disposal cost 500,000 Rent revenue recognized during 2020 3,000,000 Compensation paid to personnel for administrative and security 200,000 Real property taxes applicable to 2020 120,000 Costs of maintenance paid to an outsourced company 340,000Other Additional Information:- iii) Plant and equipment disposed of during the year had a net book value of £11,000 (cost £45,000). The loss on disposal of £6,000 is included in the cost of sales.iv) All land was revalued on 31 March 2020, the decrease in value of £65,000 was deducted from the revaluation reserve. v) The cost of sales includes £15,000 for development expenditure amortized during the year and £10,000 for impairment of the purchased brand name. vi) On 1 November 2019, Robinson Plc issued £1 equity shares at a premium. No other finance was raised during the year.vii) Robinson Plc paid a dividend during the year.viii) Other provisions relating to legal claims made against Robinson Plc during the year ended 31 March 2020. The amount provided is based on legal opinion on 31 March 2020 and is included in the cost of sales. Required:With reference to IAS 7, Statement of Cash Flows:a) Prepare a statement of cash flows, using the indirect method, for Robinson Plc for the year…
- Presented below is information related to equipment owned by Davis Company at December 31, 2020. Cost Accumulated Depreciation to date Expected future net cash flows (undiscounted) Fair value $7,750,000 750,000 Instructions: 6,250,000 6,600,000 Assume that Davis intends to dispose of the asset in the coming year. It is expected the cost of disposal will be $15,000. As of December 31, 2020, the equipment has a remaining useful life of 5 years. 1. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. 2. Prepare the iournal entry to record depreciation expense for(b) Prepare the journal entry (if any) to record depreciation expense for 2021. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit eTextbook and Media List of AccountsPresented below is information related to equipment owned by Coronado Company at December 31, 2020. Cost $10,080,000 Accumulated depreciation to date 1,120,000 Expected future net cash flows 7,840,000 Fair value 5,376,000 Coronado intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $22,400. As of December 31, 2020, the equipment has a remaining useful life of 5 years. (a) Your answer is partially correct. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 202O. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Loss on Impairment 3584000 Accumulated Depreciation-Equipment 3584000 eTexthook and Media
- Presented below is information related to equipment owned by Coronado Company at December 31, 2020. Cost $10,080,000 Accumulated depreciation to date 1,120,000 Expected future net cash flows 7,840,000 Fair value 5,376,000 Coronado intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $22,400. As of December 31, 2020, the equipment has a remaining useful life of 5 years. (a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 eTextbook and MediaAt December 31, 2020, Tamarisk, Inc. reported the following as plant assets. Land $ 3,670,000 Buildings $27,580,000 Less: Accumulated depreciation—buildings 12,950,000 14,630,000 Equipment 48,100,000 Less: Accumulated depreciation—equipment 4,630,000 43,470,000 Total plant assets $61,770,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,040,000. May 1 Sold equipment that cost $1,140,000 when purchased on January 1, 2017. The equipment was sold for $684,000. June 1 Sold land purchased on June 1, 2011 for $1,600,000. The land cost $392,000. July 1 Purchased equipment for $2,300,000. Dec. 31 Retired equipment that cost $514,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a…At December 31, 2020, Flint Company reported the following as plant assets. Land $ 3,770,000 Buildings $27,290,000 Less: Accumulated depreciation—buildings 12,170,000 15,120,000 Equipment 48,020,000 Less: Accumulated depreciation—equipment 4,550,000 43,470,000 Total plant assets $62,360,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,190,000. May 1 Sold equipment that cost $900,000 when purchased on January 1, 2017. The equipment was sold for $540,000. June 1 Sold land purchased on June 1, 2011 for $1,540,000. The land cost $394,000. July 1 Purchased equipment for $2,530,000. Dec. 31 Retired equipment that cost $491,000 when purchased on December 31, 2011. The company received no proceeds related to salvage.